Budget and Economic Statement Implementation Act, 2007 (S.C. 2007, c. 35)

Marginal note:Time of calculation — ss. 3.2 to 3.4

• 3.91 (1) At a time determined by the Minister, no later than three months before the beginning of a fiscal year, the Minister shall calculate

  • (a) the fiscal equalization payment that may be paid to a province under sections 3.2 to 3.4 for that fiscal year on the basis that the province makes an election under subsection 3.2(2) for that fiscal year; and

  • (b) the fiscal equalization payment that may be paid to the province under those sections for that fiscal year on the basis that the province does not make an election under that subsection for that fiscal year.

• Marginal note:Deeming

  (2) Subsection (1) applies to Nova Scotia and Newfoundland and Labrador as if sections 3.2 to 3.4 applied to each of those provinces.

• Marginal note:Time of calculation — s. 3.6

  (3) At a time determined by the Minister, no later than three months before the end of a fiscal year, the Minister shall calculate

  • (a) the fiscal equalization payment that may be paid to Nova Scotia and Newfoundland and Labrador under section 3.6 for that fiscal year on the basis that both make an election under subsection 3.9(5) for that fiscal year;

  • (b) the fiscal equalization payment that may be paid to Nova Scotia and Newfoundland and Labrador under section 3.6 for that fiscal year on the basis that only Nova Scotia makes an election under subsection 3.9(5) for that fiscal year;

  • (c) the fiscal equalization payment that may be paid to Nova Scotia and Newfoundland and Labrador under section 3.6 for that fiscal year on the basis that only Newfoundland and Labrador makes an election under subsection 3.9(5) for that fiscal year; and

  • (d) the fiscal equalization payment that may be paid to Nova Scotia and Newfoundland and Labrador under section 3.6 for that fiscal year on the basis that neither makes an election under subsection 3.9(5) for that fiscal year.

• Marginal note:Cessation

  (4) Subsection (3) ceases to apply in respect of Nova Scotia or Newfoundland and Labrador if section 3.6 ceases to apply in respect of that province.

• Marginal note:Time of calculation — s. 3.72

  (5) The fiscal equalization amounts referred to in section 3.72 for a fiscal year shall be calculated no later than three months before the end of the fiscal year.

Marginal note:Underpayment

3.92 If the Minister determines that the Minister has underpaid any amounts payable to a province under this Part, the Minister may, within the prescribed time and in the prescribed manner, pay that province an amount equal to the underpayment.

Marginal note:Overpayment

3.93 If the Minister determines that the Minister has overpaid any amounts paid to a province under this Part, the Minister may recover the amount of that overpayment

• (a) within the prescribed time and in the prescribed manner, from any amount payable under this Act to that province; or

• (b) from that province as a debt due to Her Majesty in right of Canada.

Marginal note:Day of election

3.96 An election under this Part is deemed to have been made on the day on which the election is received by the Minister.

Marginal note:Deeming — final computation

3.97 For the purpose of the Canada-Newfoundland Atlantic Accord Implementation Act and the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act, the final computation of the amount of the fiscal equalization payment for a fiscal year is deemed to have been made on March 31 of that fiscal year.

Marginal note:Underpayment

4.4 If the Minister determines that the Minister has underpaid any amounts payable to a territory under this Part, the Minister may, within the prescribed time and in the prescribed manner, pay that territory an amount equal to the underpayment.

Marginal note:Overpayment

4.5 If the Minister determines that the Minister has overpaid any amounts paid to a territory under this Part, the Minister may recover the amount of that overpayment

• (a) within the prescribed time and in the prescribed manner, from any amount payable under this Act to that territory; or

• (b) from that territory as a debt due to Her Majesty in right of Canada.

• (a.2) providing for the provincial or territo-rial revenues that are derived from, or are deemed to be derived from, the revenue sources referred to in each paragraph of the definition “revenue source” in subsections 3.5(1), 3.9(1) and 4(1);

• (a.3) amending the definition “revenue source” in subsection 3.9(1) by dividing a revenue source set out in a paragraph of that definition into two or more separate revenue sources;

• (b) respecting the calculation and payment to a province of advances on account of any amount that may become payable to the province under this Act, an administration agreement, a reciprocal taxation agreement or a sales tax harmonization agreement and the adjustment, by way of reduction or set off, of other payments to the province because of those advances;

• (b.1) respecting the recovery of overpayments;

Marginal note:Newfoundland and Labrador

• 84. (1) Sections 79 and 82 come into force, or are deemed to have come into force, on April 1 of the first fiscal year in respect of which Newfoundland and Labrador makes the election under subsection 3.7(3) of the Federal-Provincial Fiscal Arrangements Act.

• Marginal note:Notice

  (2) The Minister of Finance shall publish in the Canada Gazette the date on which sections 79 and 82 come into force.

• Marginal note:Nova Scotia

  (3) Section 81 comes into force, or is deemed to have come into force, on April 1, 2008.